Strategic Planning is a critical element of business success. Without a well thought out written strategic plan along with timely implementation, the business is at risk of randomly running like a ship without a compass or an airplane without a map. You will never get to your destination.
Strategic planning is a process of understanding every aspect of your business and aligning your daily actions with your visions / mission statement. This alignment is extremely important in that all daily actions must be aligned not only with one’s vision / mission statement but also with the goals, objectives and key success factors that are in place. The Strategic Planning process allows you to measure the results of your actions with the projected results in your strategic plan.
Strategic Planning requires a commitment of time and undistracted focus. The time element initially can be as long as one week or shorter depending on the company. Some companies will have much longer initial strategic planning sessions lasting more than one week consecutively.
The timing of the sessions, consecutive or breaking up into 4 hour sessions, can be arranged to fit your schedule. The important thing is to complete the sessions.
Key strategic planning concepts:
- Key Success Factors
- Objectives / Goals
- Action Plan
Detailed analysis of strategic planning
- SWOT analysis
- Feasibility studies
- Establishing benchmarks
- Variance analysis (monitoring, evaluating & adjusting planned results with actual)
- Industry analysis
- Target market
- Marketing Plan and Sales Strategy
- Management & Organization
- Financial information and analysis
- Long-term development and exit plan